Bags of cash

Bags of cash

Gwyneth Paltrow made her first visit to Beijing last November, but it wasn’t to film a movie. The Hollywood actress was guest of honour at a 70th anniversary party held by Coach, the US handbag maker. Paltrow’s brief trip saw her wield a Coach handbag in Tiananmen Square and even sing three songs for Chinese VIP guests.

China also took on centre-stage in Coach’s most recent quarterly earnings, which were up 15% to $347.5 million. According to MarketWatch, ‘China’ got 31 mentions on Coach’s analyst conference call, with the firm’s CEO Lew Frankfort noting “significant double-digit” sales growth at his China stores. The New York-founded firm also plans to open 30 new Chinese stores this year taking its total to 100 (versus 171 in Japan). To grow awareness of its brand in the China market, Coach also listed its stock in Hong Kong last month.

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